Vereeni Investments has acquired 20% of the company for an initial consideration of €5 million, with the potential for this to increase after 13 months based on future performance.
The decision to invest comes after a thorough search for an innovative company within the online betting industry. Singular’s potential for exponential growth is set to further boost Vereeni’s portfolio, while Singular stands to benefit from the wealth of shared knowledge and experience within Vereeni’s existing investment ecosystem.
Singular joins Vereeni Investments’ newly unveiled €100 million tech fund ‘Level Up’, along with a host of promising international early stage ventures within the fintech, media, iGaming, business intelligence, software development, crypto and blockchain verticals.
Vereeni’s curated investment ecosystem opens further expansion opportunities for Singular, as well as opportunities for additional operational investments that will be fuelled by the provider’s unique technology.
The company upgrades its products through a continuous release of new features, always staying one step ahead of the industry. This consistent drive for development substantially influenced Vereeni Investments’ decision to pursue its investment in Singular.
“Singular’s extensive software solutions offer significant value to our portfolio, which has already begun strengthening their position with the experience, network and tools freely available within ‘Level Up’.”
“Vereeni Investments has vast experience of investing in up-and-coming opportunities through acquisitions, joint ventures or the development of operations. The venture capital fund strives to accelerate the potential of each investment by utilising the portfolio’s united insights, network and access to strategic capital. All companies involved with the fund share a commonality of proven success and a reputation as innovators within their respective fields,” Heath added.
Darko Gacov, Chairman of the Board of Directors, Singular, said: “We are more than pleased to welcome a new shareholding partner with such a strong investment network and expertise in the industry. What makes this partnership such a good fit is the substantial experience both companies have in complementary fields.
“The partnership has the potential to further expand Singular’s presence, not only geographically, but also in new industry directions. As a result of this partnership we are already looking at three major new clients in different regions that will be powered by Singular’s technology.